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My son is an Elmo addict. He has Elmo clothes, Elmo books, and Elmo toys. He insists on listening to an Elmo CD whenever he rides in my car and watches the furry Muppet almost every day on "Sesame Street." Oh yeah, he calls his binky Elmo.

And you know what? This doesn't bother me.

Sesame Street, which has been on the air for about 40 years, is still a quality show. It teaches kids the alphabet, how to count and other important lessons in an entertaining manner. The show has some aspects of Saturday Night Live to it with clever bits like having Oscar the Grouch host something called the "Grouch News Network," which featured CNN's Anderson Cooper.

I realize that his Elmo fascination won't last. My son recently discovered Mickey Mouse on one of Walt Disney Co.'s (NYSE: DIS) cable channels. Eventually, Mickey will give way to Dora the Explorer and SpongeBob SquarePants on Viacom Inc.'s (NYSE: VIA) Nickelodeon.

So PetroChina (NYSE:PTR) went public in Shanghai to great fanfare and now the company has a market-cap of over $1 trillion. This gives the company a valuation greater than that of both General Electric (NYSE: GE) and Exxon Mobil (NYSE: XOM) combined. Not bad considering the company has revenues of just 1/4 that of Exxon. With all due respect to the growth of the Chinese economy, this is a bit ridiculous. Can we even believe the numbers they are reporting? We all talk about the lack of transparency in U.S. corporate earnings (see financial stocks of late); it's 100 times worse in China.

The Chinese stock market has had an amazing run, but what comes up must come down. With all the recent IPO's that have skyrocketed, it sure has the feel of NASDAQ 2000 all over again. Then people used to invest if the ticker symbol had 4 letters. Now people will throw money at anything that has to do with China. Irrational exuberance? You bet!

Will the communist government of China allow the stock market to fall before the 2008 Olympics in Beijing? Probably not, but a bubble has been created and investors should better be forewarned.

From the land where intellectual property is held in the same esteem as last week's Moo Goo Gai Pan, comes news that Disney's characters were successfully cloned.

Apparently, the Beijing-area Shijingshan Amusement Park has been featuring Mickey and Minnie, Donald Duck, Goofy and the rest of the Walt Disney Co. (NYSE: DIS) gang, as well as settings such as Cinderella's Castle -- right out of the Magic Kingdom.

Until recently, the park even marketed itself with the slogan, "Disneyland is Too Far." However, the Japanese press discovered and reported the deception last month, at the same time the U.S. was preparing to ask the World Trade Organization to address China's piracy issues. Shortly thereafter, the park purged itself of Disneyesque elements.

Ironically, the park has replaced Mickey and Minnie with the mascots of the upcoming Olympics in Beijing. I strongly suspect the park is not paying a license fee for the use of mascots Bei, Jing, Huan, Ying, and Ni, either.

The Beijing Organizing Committee has posted a comprehensive list of restrictions for use of the mascots, which make an amusing read . . . if you like fantasy.

The decision of Walt Disney Co. (NYSE: DIS) to let gay couples have Fairy Tale weddings at its Disneyland and Walt Disney World resorts has everything to do with profits and little to do with social policy.

These wedding packages aren't cheap. The $25,000 Magic Kingdom Park wedding deal in Disney World lets people get married with Cinderella's Castle as a backdrop. Guests are transported down Main Street USA via motorized cars. Costumed trumpeters herald the arrival of the couple in a horse-drawn carriage.

Sounds lovely, no?